Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 23rd, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.33%, with an average 0.7 point, up slightly from last week when it averaged 3.31%. A year ago, at this time, the 30-year FRM averaged 4.20%. The 15-year fixed-mortgage rate averaged 2.86% with an average 0.7 point, up from last week when it averaged 2.80%. A year ago, at this time, the 15-year FRM averaged 3.64%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “Mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data. While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate’s passage of a new small business stimulus, we continue to see a deep economic contraction amidst uncertainty about the recovery formation.”
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Mortgage Rates Increase Slightly